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67th AGM of EIH Limited held in Kolkata today

Wednesday, August 2, 2017, 18:00 Hrs  [IST]
HBI Staff | Mumbai

Addressing the 67th Annual General Meeting of EIH Limited (the flagship Company of The Oberoi Group) held in Kolkata today, P.R.S. Oberoi, the Executive Chairman said, “The Oberoi, New Delhi was originally scheduled to open in early April, 2018 after complete renovation. The progress on site has been very satisfactory and the new hotel is likely to open in January, 2018. The Oberoi, New Delhi is expected to retain its iconic position in the Capital which it has enjoyed since it first opened in the year 1965.”
 
P.R.S. Oberoi added, “During the first quarter of 2017-18, total revenue of the Company has been INR 303 crores as against INR 279 crores last year, an increase of approximately 9%.  In spite of moderate increase in revenue, primarily because of refund of interest on taxes and various adjustments of other duties and taxes, the Company has shown much better performance in terms of profitability compared to last year. EBIDTA has been INR 47 crores as compared to INR 33 crores last year, an increase of 40%. Profit before tax has been INR 18 crores as compared to a loss of INR 19 crores last year. Profit after tax has been INR 11 crores as compared to loss after tax of INR 12 crores last year.

Oberoi was optimistic that the Company will improve revenue and profitability at its hotels and business units to partly offset the revenue loss from the closure of The Oberoi, New Delhi. The earlier than expected opening of The Oberoi, New Delhi in January, 2018 will further contribute to the revenue and profitability of the Company.

Oberoi stated that Oberoi Hotels & Resorts has been voted the ‘World’s Best Hotel Brand’ by the Travel + Leisure, World’s Best Awards Readers’ Survey, 2016 for the second consecutive year. Oberoi Hotels & Resorts was also rated the ‘World’s Leading Luxury Hotel Brand’ for the fifth consecutive year by World Travel Awards, 2016.
 
On the people front, Oberoi stated that the Company has been recognised as one of the best employers in the ‘Aon Best Employers India-2017’ survey.

Oberoi said that “these accolades are a testimony to the excellent facilities and exceptional service provided to guests by a team of passionate and committed individuals.”
 
In conclusion, Oberoi said that The Oberoi Marrakech is in the final phase of completion and is expected to open in the last quarter of 2017.


 
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